- The program is listed on both the AIAF market and the MARF, an innovative approach that gives the issuer the flexibility to choose between the two markets
BME’s Alternative Fixed Income Market (MARF) recently admitted BBVA Global Markets’ structured note program to trading. This program, known as the Structured Medium Term Note Program (SMTN), has a maximum amount of 2,000 million euros and is also listed on the AIAF market. This innovative dual listing of a single program provides the issuer with the flexibility to choose the most appropriate market for each of the issuances under the program.
BBVA is the sole arranger and dealer for the program.
BBVA Global Markets’ structured bond program is rated A+ by Standard & Poor’s and A2 by Moody’s Investors Service. Additionally, the program is guaranteed by the Banco Bilbao Vizcaya Argentaria (BBVA) Group.
Susana de Antonio, director of primary markets at BME, explains: “We are delighted to have an issuer of BBVA Global Markets’ stature on the MARF and to help increase flexibility in the management of the instruments issued by this issuer. This is the first dual listing of its kind, a model through which we offer issuers the complementarity, flexibility, and appeal of the various fixed-income markets operated by BME.”
BBVA Global Markets is the subsidiary of the Banco Bilbao Vizcaya Argentaria (BBVA) group whose business purpose is the issuance of structured securities.
The MARF has more than 160 domestic and international issuers. As of the end of August, it had an outstanding balance of 10,598 million euros, representing a 7.11% increase compared to the same period last year.
You can find more information about BME’s fixed-income markets on its websiteopens in a new tab.
